[FWP] Royal Bank of Canada Free Writing Prospectus

Rhea-AI Filing Summary

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to Apollo Global Management stock, due July 1, 2027. Key features include:

• Contingent Quarterly Coupons: $31.25 per $1,000 principal (12.50% per annum) if Apollo's stock closes at/above 65% of initial value
• Memory Feature: Unpaid coupons can be recovered if stock performs well in later observations
• Automatic Call Provision: Notes called if stock closes at/above initial value during quarterly observations starting 6 months after trade date
• Principal Risk: If not called and final stock value is below 65% barrier, investors receive Apollo shares worth less than principal

Initial estimated value between $922.00-$972.00 per $1,000 principal, below offering price. Key risks include potential principal loss, no participation in stock upside, and credit risk of Royal Bank of Canada.

Positive

• Potential for high yield with 12.50% per annum Contingent Coupon rate if conditions are met
• Memory feature allows for recovery of missed coupon payments if underlier performance improves
• Early call feature provides potential early exit with full principal return plus coupons if Apollo stock performs well

Negative

• High risk of principal loss if Apollo stock falls below 65% barrier at maturity
• Initial estimated value ($922-$972) is significantly below the offering price of $1,000
• Limited upside potential due to capped returns at the Contingent Coupon rate
• No participation in any appreciation of Apollo Global Management stock beyond coupon payments

Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon Linked to the Common Stock of Apollo Global Management, Inc. Due July 1, 2027

PRODUCT CHARACTERISTICS

· Contingent Coupons with Memory Feature — If the Notes have not been automatically called, investors will receive a Contingent Coupon on a quarterly Coupon Payment Date if the closing value of the Underlier is greater than or equal to the Coupon Threshold on the immediately preceding Coupon Observation Date. A Contingent Coupon that is not payable on a Coupon Payment Date may be paid later, but only if the closing value of the Underlier is greater than or equal to the Coupon Threshold on a later Coupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.

· Call Feature — If, on any quarterly Call Observation Date beginning approximately six months following the Trade Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will be automatically called for 100% of their principal amount plus the Contingent Coupon and any unpaid Contingent Coupons otherwise due. No further payments will be made on the Notes.

· Contingent Return of Principal at Maturity — If the Notes are not automatically called and the Final Underlier Value is greater than or equal to the Barrier Value, at maturity, investors will receive the principal amount of their Notes plus the Contingent Coupon and any unpaid Contingent Coupons otherwise due. If the Notes are not automatically called and the Final Underlier Value is less than the Barrier Value, at maturity, investors will receive shares of the Underlier that will likely be worth significantly less than the principal amount of their Notes and could be worth nothing.

KEY TERMS
Issuer:	Royal Bank of Canada (“RBC”)
CUSIP:	78015QSN2
Underlier:	The common stock of Apollo Global Management, Inc. (Bloomberg symbol “APO UN”)
Trade Date:	June 26, 2025
Issue Date:	July 1, 2025
Valuation Date:	June 28, 2027
Maturity Date:	July 1, 2027
Payment of Contingent Coupons with Memory Feature:	If the Notes have not been automatically called, investors will receive a Contingent Coupon on a Coupon Payment Date if the closing value of the Underlier is greater than or equal to the Coupon Threshold on the immediately preceding Coupon Observation Date. If a Contingent Coupon is not payable on any Coupon Payment Date, it will be paid on any later Coupon Payment Date on which a Contingent Coupon is payable, if any, together with the payment otherwise due on that later date. No Contingent Coupon will be payable on a Coupon Payment Date if the closing value of the Underlier is less than the Coupon Threshold on the immediately preceding Coupon Observation Date.
Contingent Coupon:	If payable, $31.25 per $1,000 principal amount of Notes (corresponding to a rate of 3.125% per quarter or 12.50% per annum)
Coupon Observation Dates:	Quarterly
Coupon Payment Dates:	Quarterly

KEY TERMS (continued)
Call Feature:	If, on any Call Observation Date, the closing value of the Underlier is greater than or equal to the Initial Underlier Value, the Notes will be automatically called. Under these circumstances, investors will receive on the Call Settlement Date per $1,000 principal amount of Notes an amount equal to $1,000 plus the Contingent Coupon and any unpaid Contingent Coupons otherwise due. No further payments will be made on the Notes.
Call Observation Dates:	Quarterly, beginning approximately six months following the Trade Date
Call Settlement Date:	If the Notes are automatically called on any Call Observation Date, the Coupon Payment Date immediately following that Call Observation Date
Payment at Maturity:	If the Notes are not automatically called, investors will receive on the Maturity Date per $1,000 principal amount of Notes, in addition to any Contingent Coupon and any unpaid Contingent Coupons otherwise due: ·     If the Final Underlier Value is greater than or equal to the Barrier Value: $1,000 ·     If the Final Underlier Value is less than the Barrier Value, a number of shares of the Underlier equal to the Physical Delivery Amount. Fractional shares will be paid in cash with a value equal to the number of fractional shares times the Final Underlier Value. If the Notes are not automatically called and the Final Underlier Value is less than the Barrier Value, you will receive shares of the Underlier that will likely be worth significantly less than the principal amount of your Notes and could be worth nothing at maturity.
Physical Delivery Amount:	A number of shares of the Underlier equal to $1,000 divided by the Initial Underlier Value (rounded to two decimal places)
Coupon Threshold and Barrier Value:	65% of the Initial Underlier Value
Initial Underlier Value:	The closing value of the Underlier on the Trade Date
Final Underlier Value:	The closing value of the Underlier on the Valuation Date

This document provides a summary of the terms of the Notes. Investors should carefully review the accompanying preliminary pricing supplement, product supplement, prospectus supplement and prospectus, as well as “Selected Risk Considerations” below, before making a decision to invest in the Notes:

https://www.sec.gov/Archives/edgar/data/1000275/000095010325007801/dp230587_424b2-us2721apo.htm

The initial estimated value of the Notes determined by us as of the Trade Date, which we refer to as the initial estimated value, is expected to be between $922.00 and $972.00 per $1,000 principal amount of Notes and will be less than the public offering price of the Notes. We describe the determination of the initial estimated value in more detail in the accompanying preliminary pricing supplement.

   

Selected Risk Considerations

An investment in the Notes involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the “Selected Risk Considerations” section of the accompanying preliminary pricing supplement and the “Risk Factors” sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.

· You May Lose a Portion or All of the Principal Amount at Maturity.

· You May Not Receive Any Contingent Coupons.

· You Will Not Participate in Any Appreciation of the Underlier, and Any Potential Return on the Notes Is Limited.

· The Notes Are Subject to an Automatic Call.

· Payments on the Notes Are Subject to Our Credit Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market Value of the Notes.

· Any Payment on the Notes Will Be Determined Based on the Closing Values of the Underlier on the Dates Specified.

· The U.S. Federal Income Tax Consequences of an Investment in the Notes Are Uncertain.

· There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses.

· The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price.

· The Initial Estimated Value of the Notes Is Only an Estimate, Calculated as of the Trade Date.

· Our and Our Affiliates’ Business and Trading Activities May Create Conflicts of Interest.

· RBCCM’s Role as Calculation Agent May Create Conflicts of Interest.

· You Will Not Have Any Rights to the Underlier.

· Any Payment on the Notes May Be Postponed and Adversely Affected by the Occurrence of a Market Disruption Event.

· Anti-dilution Protection Is Limited, and the Calculation Agent Has Discretion to Make Anti-dilution Adjustments.

· Reorganization or Other Events Could Adversely Affect the Value of the Notes or Result in the Notes Being Accelerated.

Royal Bank of Canada has filed a registration statement (including a product supplement, prospectus supplement and prospectus) with the SEC for the offering to which this document relates. Before you invest, you should read those documents and the other documents that we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, we, any agent or any dealer participating in this offering will arrange to send you those documents if you so request by calling toll-free at 1-877-688-2301.

As used in this document, “Royal Bank of Canada,” “we,” “our” and “us” mean only Royal Bank of Canada. Capitalized terms used in this document without definition are as defined in the accompanying preliminary pricing supplement.

Registration Statement No. 333-275898; filed pursuant to Rule 433

FAQ

What are the key features of RY's Auto-Callable Contingent Coupon Barrier Notes linked to Apollo Global Management?

The notes have three key features: 1) Contingent Coupons with Memory Feature paying $31.25 per $1,000 principal (12.50% per annum) if the underlier is above the threshold, 2) Automatic Call Feature if the underlier closes at or above initial value after 6 months, and 3) Contingent Return of Principal at maturity based on whether the final underlier value is above the 65% barrier value.

When do RY's Apollo-linked notes mature and what is the potential return?

The notes mature on July 1, 2027, with quarterly coupon payments of 3.125% ($31.25 per $1,000 principal) if conditions are met. The maximum return is limited to the contingent coupons, as investors don't participate in Apollo stock appreciation. However, investors could lose a significant portion or all of their principal if the final underlier value falls below the 65% barrier value.

What is the initial estimated value of RY's Apollo-linked notes?

The initial estimated value of the notes as of the Trade Date (June 26, 2025) is expected to be between $922.00 and $972.00 per $1,000 principal amount, which is less than the public offering price. This value is determined by Royal Bank of Canada and described in detail in the accompanying preliminary pricing supplement.

What are the main risks of investing in RY's Apollo-linked notes?

Key risks include: 1) Potential loss of principal if Apollo stock falls below the barrier value, 2) No guaranteed coupon payments, 3) Limited return potential with no participation in stock appreciation, 4) Early automatic call risk, 5) Credit risk of Royal Bank of Canada, and 6) Limited secondary market liquidity that may result in significant losses if sold before maturity.

How does the memory feature work in RY's Apollo-linked notes?

If a contingent coupon is not paid on a payment date because the underlier is below the threshold, that coupon can be recovered later if the underlier closes at or above the threshold on a future observation date. When recovered, investors receive both the current period's coupon plus any previously missed coupons. However, there's no guarantee any missed coupons will be recovered.